November 27, 2017 / 1:00 PM / a year ago

Mexican brewer Grupo Modelo plans $754 mln investment in Hidalgo state

MEXICO CITY, Nov 27 (Reuters) - Mexican beer maker Grupo Modelo, plans to invest nearly 14 billion pesos ($754 million) to build a brewing and bottling plant in the city of Apan in the central state of Hidalgo, a state official with knowledge of the deal told Reuters.

Construction is scheduled to begin by the end of the year with operations kicking off in the first quarter of 2019, said the official, who asked not be named because he wasn’t authorized to speak on the matter.

Grupo Modelo, which is owned by the world’s top brewer Anheuser-Busch InBev, makes and exports beers Corona, Modelo, and Pacifico, among others.

The new plant will have an initial annual capacity of 12 million hectoliters and will eventually ramp up to double that capacity, the official said.

Mexican President Enrique Pena Nieto is scheduled to officially announce the investment by midday on Monday.

$1 = 18.5567 Mexican pesos Reporting by Anthony Esposito; editing by Jason Neely

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